On Wednesday, the EUR/USD currency pair declined to the 1.1220 level. During today’s morning, the pair was trading at 1.1240.
It is likely that the exchange rate could remain under pressure of the 55– and 100-hour SMAs near 1.1270. Thus, it is likely that some downside potential could prevail in the market.
Meanwhile, note that the rate could gain support from the Fibo 38.20% at 1.1200. If the given level holds, it is likely that the pair could consolidate. Otherwise, it is likely that the pair could re-test the lower line of a newly revealed falling wedge pattern circa 1.1180
